80 Mile PLC shares climbed around 13% in Wednesday’s early deals, as it signed a memorandum of understanding (MOU) in Italy, potentially leading to a supply deal covering some 40,000 tonnes of biofuel.
The arrangement sees part-owned 80 Mile subsidiary Greenswitch provide Tecnoparco, a ‘multi-utility’ in Italy, with the 40,000 tonnes biofuel each year.
80 Mile said the arrangement is expected to shorten the supply chain, reduce shipping costs and replace imported supplies with a more sustainable alternative.
“This agreement is expected to be a win-win for both Greenswitch and Tecnoparco, as it will lead to the sale of some of Greenswitch's biofuel to a local company, and for Tecnoparco, it will help to address the need for a cleaner alternative to the palm oil that it currently imports, from a supplier that is located only a few kilometres away,” managing director Eric Sondergaard said.
“It is exciting to hear of the potential opportunities for similar agreements to arise in the coming months, and we look forward to keeping shareholders up to date with any news.”
A the same time, 80 Mile noted it now owns 49% of the Hydrogen Valley venture, and updated its option deal to acquire all of Greenswitch, with a Stage 3 option renegotiated to replacing an original £1 million share issue with a £380,000 loan, saving funds and limiting dilution. This remains in place until December 2026.
Sondergaard added: “we continue to expand in the sustainable and renewable energy markets through the integration of Greenswitch into our portfolio.
“We now have the option to increase to 100% between the period from 20 December 2025 up until 20 December 2026, and we will provide any updates accordingly."
In London, 80 Miles shares were up 11.46% changing hands at 0.27p, valuing the business at just over £10 million.